BESI Global Coverage Company Ticker Sector Analyst Email Austria Telekom Austria Vienna Insurance Group TKA AV VIG AV Telecom Services Insurance Andrew Hogley Kamil Stolarski, CFA andrew.hogley@espiritosantoib.co.uk kstolarski@espiritosantoib.pl Belgium Anheuser-Busch InBev Belgacom Colruyt Telenet Grp ABI BB BELG BB COLR BB TNET BB Food, Beverage and HPC Telecom Services Retail Telecom Services Stephanie Barsdorf Andrew Hogley Rickin Thakrar Andrew Hogley stephanie.barsdorf@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk rickin.thakrar@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk Brazil Aliansce AmBev Arteris Banco do Brasil BB Seguridade Bematech Bradesco Brasil Foods Brasil Pharma Brazil Hospitality Group BRMALLS CCR Cia Brasileira de Distribuicao Cyrela EcoRodovias Fibria Fibria (ADR) Gafisa Guararapes Hering Iguatemi Itaú Unibanco JBS Kepler Weber Klabin Localiza Marfrig Marisa Metalúrgica Gerdau PN Minerva MRV Multiplan Oi PDG Realty Porto Seguro Raia Drogasil Renner Rossi Residencial Santander Brasil SLC Agricola Sonae Sierra Sul America Suzano Papel e Celulose ALSC3 BZ ABEV3 BZ ARTR3 BZ BBAS3 BZ BBSE3 BZ BEMA3 BZ BBDC4 BZ BRFS3 BZ BPHA3 BZ BHGR3 BZ BRML3 BZ CCRO3 BZ PCAR4 BZ CYRE3 BZ ECOR3 BZ FIBR3 BZ FBR US GFSA3 BZ GUAR3 BZ HGTX3 BZ IGTA3 BZ ITUB4 BZ JBSS3 BZ KEPL3 BZ KLBN11 BZ RENT3 BZ MRFG3 BZ AMAR3 BZ GOAU4 BZ BEEF3 BZ MRVE3 BZ MULT3 BZ OIBR4 BZ PDGR3 BZ PSSA3 BZ RADL3 BZ LREN3 BZ RSID3 BZ SANB11 BZ SLCE3 BZ SSBR3 BZ SULA11 BZ SUZB5 BZ Real Estate Eduardo Silveira Food, Beverage and HPC Catarina Pedrosa, CNPI Construction & Building MaterEduardo Silveira Banks Pedro Fonseca Financial Services Pedro Fonseca Technology Catarina Pedrosa, CNPI Banks Pedro Fonseca Food, Beverage and HPC Catarina Pedrosa, CNPI Retail André Fontoura Travel & Leisure Eduardo Silveira Real Estate Eduardo Silveira Construction & Building MaterEduardo Silveira Retail André Fontoura Real Estate Eduardo Silveira Construction & Building MaterEduardo Silveira Basic Resources Catarina Pedrosa, CNPI Basic Resources Catarina Pedrosa, CNPI Real Estate Eduardo Silveira Retail André Fontoura Retail André Fontoura Real Estate Eduardo Silveira Banks Pedro Fonseca Retail Catarina Pedrosa, CNPI Capital Goods Catarina Pedrosa, CNPI Basic Resources Catarina Pedrosa, CNPI Travel & Leisure André Fontoura Retail Catarina Pedrosa, CNPI Retail André Fontoura Basic Resources Catarina Pedrosa, CNPI Food, Beverage and HPC Catarina Pedrosa, CNPI Real Estate Eduardo Silveira Real Estate Eduardo Silveira Telecom Services Antonio Espirito Santo Real Estate Eduardo Silveira Financial Services Pedro Fonseca Retail André Fontoura Retail André Fontoura Real Estate Eduardo Silveira Banks Pedro Fonseca Food, Beverage and HPC Catarina Pedrosa, CNPI Real Estate Eduardo Silveira Financial Services Pedro Fonseca Basic Resources Catarina Pedrosa, CNPI Source: Bloomberg, BESI Research as at 15 April 2015 SP esilveira@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br esilveira@espiritosantoib.com.br pfonseca@espiritosantoib.com.br pfonseca@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br pfonseca@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br afontoura@espiritosantoib.com.br esilveira@espiritosantoib.com.br esilveira@espiritosantoib.com.br esilveira@espiritosantoib.com.br afontoura@espiritosantoib.com.br esilveira@espiritosantoib.com.br esilveira@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br esilveira@espiritosantoib.com.br afontoura@espiritosantoib.com.br afontoura@espiritosantoib.com.br esilveira@espiritosantoib.com.br pfonseca@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br afontoura@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br afontoura@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br esilveira@espiritosantoib.com.br esilveira@espiritosantoib.com.br aesanto@espiritosantoib.com.br esilveira@espiritosantoib.com.br pfonseca@espiritosantoib.com.br afontoura@espiritosantoib.com.br afontoura@espiritosantoib.com.br esilveira@espiritosantoib.com.br pfonseca@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br esilveira@espiritosantoib.com.br pfonseca@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br Page 1 of 9 FV Up/Dn Rating Ccy Market Capitalisation (m) Local EUR USD 6.7 41.5 4.8 40.0 -28.0% -4.0% Sell Buy EUR EUR 2,949 5,312 2,949 5,312 3,133 5,644 117.5 34.2 44.2 54.3 80.0 16.3 34.0 45.6 -32.0% -52.0% -23.0% -16.0% Neutral Sell Sell Neutral EUR EUR EUR EUR 188,851 11,554 6,899 6,151 188,851 11,554 6,899 6,151 200,654 12,276 7,330 6,535 29.0 61.0% Buy 20.0 5.0% Neutral 8.0 6.0% Neutral 26.6 11.0% Buy 22.5 -36.0% Sell 12.3 22.0% Buy 28.7 -8.0% Neutral 50.0 -21.0% Sell 3.4 315.0% Neutral 19.0 1.0% Buy 27.0 50.0% Buy 18.0 12.0% Neutral 125.0 25.0% Buy 14.0 7.0% Buy 13.0 44.0% Buy 30.5 -30.0% Sell 13.7 -3.0% Neutral 2.2 -9.0% Neutral 126.0 58.0% Buy 21.7 30.0% Sell 35.0 16.0% Buy 33.7 -8.0% Neutral 12.5 -18.0% Neutral 37.5 29.0% Buy 17.5 -4.0% Neutral 33.5 -12.0% Neutral 8.0 93.0% Buy 13.4 -9.0% Sell 22.3 111.0% Neutral 13.0 62.0% Buy 10.0 18.0% Buy 57.0 Neutral RESTRICTED 0.5 -17.0% Sell 25.3 -31.0% Sell 21.5 -34.0% Neutral 79.8 -15.0% Buy 2.0 -18.0% Sell 14.6 -4.0% Neutral 21.5 19.0% Buy 20.0 -1.0% Neutral 12.6 -13.0% Neutral 13.5 -8.0% Neutral BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL USD BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL 2,865 299,189 2,607 68,971 70,000 521 131,162 54,922 210 1,181 8,232 28,373 26,278 5,446 5,051 24,096 7,844 1,058 4,789 2,749 5,334 177,352 44,626 763 3,451 8,027 2,161 2,737 4,058 1,132 4,106 10,801 878 91,686 799 21,136 21,451 160 40,194 16,831 64 362 2,523 8,695 8,053 1,669 1,548 7,384 7,382 324 1,468 842 1,634 54,349 13,675 234 1,058 2,460 662 839 1,244 347 1,258 3,310 933 97,416 849 22,457 22,792 170 42,706 17,883 68 384 2,680 9,238 8,556 1,773 1,644 7,846 7,844 344 1,559 895 1,737 57,746 14,530 248 1,124 2,614 704 891 1,321 369 1,337 3,517 BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL 723 11,858 10,705 11,691 1,041 57,500 1,780 1,538 4,913 16,227 222 3,634 3,280 3,583 319 17,621 546 471 1,506 4,973 236 3,861 3,485 3,807 339 18,722 580 501 1,600 5,284 18.0 19.1 7.6 24.1 35.0 10.1 31.3 63.0 0.8 18.8 18.0 16.1 99.8 13.1 9.0 43.5 14.2 2.4 79.5 16.7 30.2 36.7 15.2 29.0 18.2 37.9 4.2 14.8 10.6 8.0 8.5 56.9 0.5 36.7 32.4 93.6 2.4 15.1 18.0 20.1 14.4 14.7 BESI Global Coverage Company Ticker Sector TCSA3 BZ VIVT4 BZ TIMP3 BZ TPIS3 BZ VAGR3 BZ Real Estate Eduardo Silveira Telecom Services Antonio Espirito Santo Telecom Services Antonio Espirito Santo Construction & Building MaterEduardo Silveira Food, Beverage and HPC Catarina Pedrosa, CNPI esilveira@espiritosantoib.com.br aesanto@espiritosantoib.com.br aesanto@espiritosantoib.com.br esilveira@espiritosantoib.com.br cpedrosa@espiritosantoib.com.br Czech Republic CEZ AS Komercni Banka O2 Czech CEZ CK KOMB CP TELEC CP Utilities Banks Telecom Services Maria Mickiewicz Lukasz Janczak Konrad Ksiezopolski mmickiewicz@espiritosantoib.pl ljanczak@espiritosantoib.pl kksiezopolski@espiritosantoib.pl Denmark Carlsberg TDC CARLB DC TDC DC Food, Beverage and HPC Telecom Services Stephanie Barsdorf Andrew Hogley stephanie.barsdorf@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk Finland Elisa Kone Metso Wartsila ELI1V FH KNEBV FH MEO1V FH WRT1V FH Telecom Services Capital Goods Capital Goods Capital Goods Andrew Hogley Nick Wilson Nick Wilson Nick Wilson andrew.hogley@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk France Airbus BNP Paribas Carrefour Casino Guichard Iliad Legrand Numericable Orange Pernod Ricard Safran Schneider Societe Generale Thales AIR FP BNP FP CA FP CO FP ILD FP LR FP NUM FP ORA FP RI FP SAF FP SU FP GLE FP HO FP Aerospace and Defence Banks Retail Retail Telecom Services Capital Goods Telecom Services Telecom Services Food, Beverage and HPC Aerospace and Defence Capital Goods Banks Aerospace and Defence Edward Stacey, CFA Shailesh Raikundlia Rickin Thakrar Rickin Thakrar Nuno Matias Nick Wilson Andrew Hogley Nuno Matias Stephanie Barsdorf Edward Stacey, CFA Nick Wilson Shailesh Raikundlia Edward Stacey, CFA Germany Deutsche Bank Deutsche Telekom GEA Group Hochtief Kabel Deutschland MTU Aero Engines Siemens Sky Deutschland DBK GY DTE GY G1A GR HOT GR KD8 GY MTX GR SIE GR SKYD GR Greece Hellenic Telecom HTO GA Hungary Magyar Telekom MOL OTP Bank MTELEKOM HB Telecom Services MOL HB Oil & Gas OTP HB Banks Tecnisa Telefonica Brasil PN Tim Participações Triunfo Participações V-Agro Source: Bloomberg, BESI Research Analyst Email as at 15 April 2015 SP FV 4.3 3.6 10.2 3.8 1.0 15.5 7.0 1.3 653.3 507.0 5,535.0 5,550.0 205.0 304.0 Up/Dn Rating Ccy Market Capitalisation (m) Local EUR USD -16.0% Neutral RESTRICTED 53.0% Buy 83.0% Buy 33.0% Neutral BRL 800 245 260 BRL BRL BRL 24,539 674 380 7,520 207 116 7,990 219 124 -22.0% 48.0% Buy Buy Neutral CZK CZK CZK 351,469 210,385 66,028 12,870 7,704 2,418 13,674 8,185 2,569 603.5 51.6 480.0 69.5 -20.0% 35.0% Neutral Buy DKK DKK 93,130 41,859 12,473 5,606 13,252 5,956 24.6 43.3 27.6 43.9 18.4 33.5 27.5 44.0 -25.0% -23.0% -0.0% - Sell Sell Neutral Buy EUR EUR EUR EUR 4,121 11,286 4,150 8,661 4,121 11,286 4,150 8,661 4,378 11,992 4,409 9,202 edward.stacey@espiritosantoib.co.uk shailesh.raikundlia@espiritosantoib.co.uk rickin.thakrar@espiritosantoib.co.uk rickin.thakrar@espiritosantoib.co.uk nmatias@espiritosantoib.pt nick.wilson@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk nmatias@espiritosantoib.pt stephanie.barsdorf@espiritosantoib.co.uk edward.stacey@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk shailesh.raikundlia@espiritosantoib.co.uk edward.stacey@espiritosantoib.co.uk 61.1 56.8 32.6 86.2 224.9 52.5 53.2 15.9 113.3 67.6 72.1 45.7 54.4 47.0 55.7 33.0 90.0 212.0 48.7 22.3 13.1 100.0 68.0 75.0 48.4 51.0 -23.0% -2.0% 1.0% 4.0% -6.0% -7.0% -58.0% -17.0% -12.0% 1.0% 4.0% 6.0% -6.0% Sell Neutral Buy Neutral Neutral Neutral Sell Sell Buy Neutral Neutral Buy Neutral EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 47,874 70,685 23,573 9,733 12,995 13,874 1,399 42,038 30,072 28,208 40,421 36,523 11,080 47,874 70,685 23,573 9,733 12,995 13,874 1,399 42,038 30,072 28,208 40,421 36,523 11,080 50,867 75,103 25,046 10,341 13,807 14,742 1,486 44,665 31,952 29,971 42,947 38,805 11,773 Banks Shailesh Raikundlia Telecom Services Andrew Hogley Capital Goods Nick Wilson Construction & Building MaterJuan Carlos Calvo Telecom Services Andrew Hogley Aerospace and Defence Edward Stacey, CFA Capital Goods Nick Wilson Telecom Services Andrew Hogley shailesh.raikundlia@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk jccalvo@espiritosantoib.es andrew.hogley@espiritosantoib.co.uk edward.stacey@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk 32.7 17.5 46.5 73.0 124.0 94.8 102.5 6.8 25.6 13.3 41.5 72.1 105.0 74.0 92.0 6.1 -22.0% -24.0% -11.0% -1.0% -15.0% -22.0% -10.0% -10.0% Neutral Neutral Neutral Buy Neutral Sell Neutral Buy EUR EUR EUR EUR EUR EUR EUR EUR 33,363 77,828 8,951 5,621 10,972 4,931 90,261 5,967 33,363 77,828 8,951 5,621 10,972 4,931 90,261 5,967 35,448 82,692 9,511 5,972 11,658 5,239 95,902 6,340 Telecom Services Andrew Hogley andrew.hogley@espiritosantoib.co.uk 7.9 13.2 68.0% Buy EUR 3,857 3,857 4,099 Konrad Ksiezopolski Wojciech Kozlowski Lukasz Janczak kksiezopolski@espiritosantoib.pl wkozlowski@espiritosantoib.pl ljanczak@espiritosantoib.pl 426.0 370.0 14,590.0 13,944.9 5,860.0 3,650.0 -13.0% -4.0% -38.0% Neutral Buy Sell HUF HUF HUF 444,209 1,524,934 1,640,800 1,497 5,138 5,529 1,590 5,459 5,874 Page 2 of 9 BESI Global Coverage Company Ticker India ACC ACC IN Aditya Birla Nuvo ABNL IN Ambuja Cements ACEM IN Axis Bank AXSB IN Bajaj Auto BJAUT IN Bajaj Finance BAF IN Bajaj Finserv BJFIN IN Balkrishna Industries BIL IN Bank of Baroda BOB IN Bank of India BOI IN Bayer CropScience BYRCS IN Bharat Heavy Electricals BHEL IN Bharti Airtel BHARTI IN Biocon BIOS IN Bosch BOS IN Cadila Healthcare CDH IN CARE Ratings CARE IN Cholamandalam CIFC IN Cipla CIPLA IN Coromandel International CRIN IN DCB Bank DCBB IN Dewan Housing Finance DEWH IN Dr Reddy’s DRRD IN eClerx Services ECLX IN Edelweiss Capital EDEL IN Exide EXID IN Federal Bank FB IN Finolex Industries FNXP IN GSFC Ltd GSFC IN GSK Pharma GLXO IN Havells HAVL IN HCL Technologies HCLT IN HDFC Bank HDFCB IN HDFC Limited HDFC IN Hero Motocorp HMCL IN Hexaware Technologies HEXW IN Hindalco Industries HNDL IN Hindustan Zinc HZ IN ICICI Bank ICICIBC IN Idea Cellular IDEA IN India Infoline IIFL IN IndusInd Bank IIB IN Infosys INFO IN Infrastructure Development FinaIDFC IN ING Vysya Bank VYSB IN Inox Leisure INOL IN Jindal Steel & Power JSP IN JK Cement JKCE IN JSW Steel JSTL IN Kotak Mahindra Bank KMB IN KPIT Cummins KPIT IN L&T Finance LTFH IN Larsen & Toubro LT IN Source: Bloomberg, BESI Research Sector Analyst Construction & Building MaterAnshuman Atri Financial Services Hitesh Gulati Construction & Building MaterAnshuman Atri Banks Hitesh Gulati Capital Goods Aniket Mhatre Financial Services Hitesh Gulati Financial Services Hitesh Gulati Capital Goods Aniket Mhatre Banks Hitesh Gulati Banks Hitesh Gulati Basic Resources Rakesh Nayudu Capital Goods Avinash Ranjan Telecom Services Soumitra Chatterjee Pharmaceuticals & HealthcareRakesh Nayudu Capital Goods Aniket Mhatre Pharmaceuticals & HealthcareRakesh Nayudu Financial Services Hitesh Gulati Financial Services Hitesh Gulati Pharmaceuticals & HealthcareRakesh Nayudu Basic Resources Rakesh Nayudu Banks Hitesh Gulati Financial Services Hitesh Gulati Pharmaceuticals & HealthcareRakesh Nayudu Technology Soumitra Chatterjee Financial Services Hitesh Gulati Capital Goods Aniket Mhatre Banks Hitesh Gulati Construction & Building MaterAnshuman Atri Basic Resources Rakesh Nayudu Pharmaceuticals & HealthcareRakesh Nayudu Capital Goods Avinash Ranjan Technology Soumitra Chatterjee Banks Hitesh Gulati Financial Services Hitesh Gulati Capital Goods Aniket Mhatre Technology Soumitra Chatterjee Basic Resources Anshuman Atri Basic Resources Anshuman Atri Banks Hitesh Gulati Telecom Services Soumitra Chatterjee Financial Services Hitesh Gulati Banks Hitesh Gulati Technology Soumitra Chatterjee Financial Services Hitesh Gulati Banks Hitesh Gulati Retail Soumitra Chatterjee Basic Resources Anshuman Atri Construction & Building MaterAnshuman Atri Basic Resources Anshuman Atri Banks Hitesh Gulati Technology Soumitra Chatterjee Financial Services Hitesh Gulati Capital Goods Avinash Ranjan Email as at 15 April 2015 SP anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in Page 3 of 9 1,596.2 1,777.2 257.6 566.0 2,095.3 4,453.8 1,438.4 730.9 175.6 221.0 3,945.5 242.7 425.7 488.7 26,440.6 1,786.4 1,701.1 589.1 712.4 262.2 115.0 474.2 3,795.4 1,568.9 69.5 190.3 129.3 286.7 86.2 3,349.8 293.9 976.1 1,038.8 1,305.3 2,580.7 333.1 136.1 170.8 316.9 202.2 177.9 949.8 2,238.8 175.3 1,031.8 176.9 158.3 697.2 942.3 1,445.6 179.1 66.2 1,803.5 FV Up/Dn 1,826.0 14.0% 1,842.0 4.0% 300.0 16.0% 445.0 -21.0% 2,452.0 17.0% 2,152.0 -52.0% 1,803.0 25.0% 844.0 15.0% 672.0 283.0% 140.0 -37.0% 4,474.0 13.0% 165.0 -32.0% 425.0 -0.0% 350.0 -28.0% 9,725.0 -63.0% 1,590.0 -11.0% 2,300.0 35.0% 465.0 -21.0% 770.0 8.0% 351.0 34.0% 95.0 -17.0% 430.0 -9.0% 3,061.5 -19.0% 1,125.0 -28.0% 45.0 -35.0% 184.0 -3.0% 150.0 16.0% 379.0 32.0% 139.0 61.0% 2,410.0 -28.0% 360.0 22.0% 1,000.0 2.0% 1,175.0 13.0% 1,400.0 7.0% 3,089.0 20.0% 121.0 -64.0% 196.0 44.0% 187.0 9.0% 375.0 18.0% 206.0 2.0% 99.0 -44.0% 905.0 -5.0% 2,350.0 5.0% 143.0 -18.0% 1,015.0 -2.0% 220.0 24.0% 208.0 31.0% 914.0 31.0% 1,579.0 68.0% 1,415.0 -2.0% 155.0 -13.0% 61.0 -8.0% 1,550.0 -14.0% Rating Neutral Neutral Buy Buy Buy Neutral Buy Buy Buy Sell Buy Sell Buy Sell Buy Neutral Buy Neutral Buy Buy Buy Buy Neutral Sell Buy Buy Buy Buy Buy Sell Buy Buy Buy Buy Buy Sell Buy Buy Neutral Buy Buy Buy Buy Neutral Buy Buy Neutral Buy Buy Buy Neutral Sell Neutral Ccy INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR Market Capitalisation (m) Local EUR USD 299,679 213,714 398,028 265,561 606,311 221,700 228,882 70,643 73,952 131,694 155,840 593,910 1,701,693 97,740 830,206 365,752 49,330 84,326 572,001 74,225 28,792 60,852 645,314 47,208 53,347 161,713 22,108 35,578 34,329 283,734 183,423 1,372,029 2,484,028 2,033,775 515,334 99,798 280,990 721,684 365,828 670,693 52,548 497,802 1,285,600 265,701 193,431 17,063 147,939 48,741 227,775 1,110,572 34,622 113,575 1,668,700 4,523 3,225 6,007 4,008 9,150 3,346 3,454 1,066 1,116 1,988 2,352 8,963 25,682 1,475 12,529 5,520 744 1,273 8,633 1,120 435 918 9,739 712 805 2,441 334 537 518 4,282 2,768 20,706 37,488 30,693 7,777 1,506 4,241 10,891 5,521 10,122 793 7,513 19,402 4,010 2,919 258 2,233 736 3,438 16,760 523 1,714 25,184 4,805 3,427 6,382 4,258 9,722 3,555 3,670 1,133 1,186 2,112 2,499 9,523 27,287 1,567 13,312 5,865 791 1,352 9,172 1,190 462 976 10,348 757 855 2,593 354 570 550 4,550 2,941 22,000 39,831 32,612 8,263 1,600 4,506 11,572 5,866 10,755 843 7,982 20,615 4,261 3,102 274 2,372 782 3,652 17,808 555 1,821 26,758 BESI Global Coverage Company Ticker LIC Housing Finance LICHF IN Lupin LPC IN Mahindra & Mahindra MMFS IN Max India MAX IN MindTree MTCL IN Motherson Sumi MSS IN Motilal Oswal MOFS IN MphasiS MPHL IN Navneet Education NELI IN NIIT NIIT IN NIIT Technologies NITEC IN NMDC NMDC IN Oracle Financial Services SoftwOFSS IN Oriental Bank of Commerce OBC IN Persistent Systems PSYS IN Polaris Software POL IN Power Finance POWF IN Prism Cement PRSC IN Punjab National Bank PNB IN PVR PVRL IN Rallis RALI IN Ranbaxy Laboratories RBXY IN Redington REDI IN Reliance Capital RCAPT IN Rural Electrification CorporationRECL IN SAIL SAIL IN Sesa Sterlite SSLT IN Shree Cement SRCM IN Shriram City Union Finance SCUF IN Shriram Transport Finance SHTF IN SKS Microfinance SKSM IN South Indian Bank SIB IN State Bank of India SBIN IN Sun Pharma SUNP IN Sun TV Network SUNTV IN Sundaram Finance SUF IN Supreme Industries SI IN Tata Consultancy TCS IN Tata Steel TATA IN Tech Mahindra TECHM IN Thermax TMX IN TVS Motors TVSL IN Ultratech Cements UTCEM IN Union Bank of India UNBK IN V-Guard Industries VGRD IN Voltas VOLT IN Wipro WPRO IN Yes Bank YES IN Zee Entertainment Z IN Italy Finmeccanica Prysmian Spa Telecom Italia FNC IM PRY IM TIT IM Source: Bloomberg, BESI Research Sector Analyst Email SP Financial Services Hitesh Gulati Pharmaceuticals & HealthcareRakesh Nayudu Financial Services Hitesh Gulati Financial Services Hitesh Gulati Technology Soumitra Chatterjee Capital Goods Aniket Mhatre Financial Services Hitesh Gulati Technology Soumitra Chatterjee Technology Soumitra Chatterjee Technology Soumitra Chatterjee Technology Soumitra Chatterjee Basic Resources Anshuman Atri Technology Soumitra Chatterjee Banks Hitesh Gulati Technology Soumitra Chatterjee Technology Soumitra Chatterjee Financial Services Hitesh Gulati Construction & Building MaterAnshuman Atri Banks Hitesh Gulati Retail Soumitra Chatterjee Basic Resources Rakesh Nayudu Pharmaceuticals & HealthcareRakesh Nayudu Technology Soumitra Chatterjee Financial Services Hitesh Gulati Financial Services Hitesh Gulati Basic Resources Anshuman Atri Basic Resources Anshuman Atri Construction & Building MaterAnshuman Atri Financial Services Hitesh Gulati Financial Services Hitesh Gulati Financial Services Hitesh Gulati Banks Hitesh Gulati Banks Hitesh Gulati Pharmaceuticals & HealthcareRakesh Nayudu Media Soumitra Chatterjee Financial Services Hitesh Gulati Construction & Building MaterAnshuman Atri Technology Soumitra Chatterjee Basic Resources Anshuman Atri Technology Soumitra Chatterjee Capital Goods Avinash Ranjan Capital Goods Aniket Mhatre Construction & Building MaterAnshuman Atri Banks Hitesh Gulati Capital Goods Avinash Ranjan Capital Goods Avinash Ranjan Technology Soumitra Chatterjee Banks Hitesh Gulati Media Soumitra Chatterjee Hitesh.Gulati@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in rakesh.nayudu@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in Aniket.Mhatre@espiritosantoib.co.in anshuman.atri@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in avinash.ranjan@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Hitesh.Gulati@espiritosantoib.co.in soumitra.chatterjee@espiritosantoib.co.in Aerospace and Defence Capital Goods Telecom Services edward.stacey@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk nmatias@espiritosantoib.pt Edward Stacey, CFA Nick Wilson Nuno Matias as at 15 April 2015 Page 4 of 9 462.0 1,981.5 267.8 483.2 1,484.6 508.9 312.5 385.3 107.4 40.7 372.6 135.0 3,433.1 220.7 778.7 164.9 286.6 120.6 165.6 666.9 227.5 859.8 128.5 456.8 341.2 75.9 200.6 10,437.7 1,904.2 1,144.1 507.6 25.4 286.3 1,151.0 392.5 1,594.8 725.6 2,655.5 345.2 664.4 1,077.6 254.9 3,001.5 163.9 994.3 303.4 624.2 841.7 346.8 11.7 19.3 1.1 FV Up/Dn 390.0 -16.0% 1,760.0 -11.0% 352.0 31.0% 568.0 18.0% 675.0 -55.0% 498.0 -2.0% 150.0 -52.0% 450.0 17.0% 105.0 -2.0% 45.0 11.0% 300.0 -19.0% 159.0 18.0% 2,750.0 -20.0% 200.0 -9.0% 740.0 -5.0% 233.0 41.0% 300.0 5.0% 125.0 4.0% 584.0 253.0% 815.0 22.0% 245.0 8.0% 480.0 -44.0% 120.0 -7.0% 698.0 53.0% 310.0 -9.0% 58.0 -24.0% 310.0 55.0% 10,059.0 -4.0% 1,700.0 -11.0% 1,200.0 5.0% 375.0 -26.0% 33.0 30.0% 1,876.0 555.0% 600.0 -48.0% 460.0 17.0% 1,475.0 -8.0% 804.0 11.0% 2,750.0 4.0% 626.0 81.0% 787.5 19.0% 880.0 -18.0% 184.0 -28.0% 3,660.0 22.0% 94.0 -43.0% 1,230.0 24.0% 300.0 -1.0% 650.0 4.0% 580.0 -31.0% 310.0 -11.0% 7.1 14.2 1.3 -39.0% -27.0% 10.0% Rating Ccy Market Capitalisation (m) Local EUR USD Buy Buy Buy Buy Sell Buy Buy Buy Buy Sell Sell Sell Sell Neutral Buy Buy Neutral Neutral Neutral Buy Buy Neutral Buy Buy Sell Sell Buy Neutral Buy Neutral Buy Neutral Buy Neutral Buy Buy Buy Neutral Buy Buy Neutral Sell Buy Sell Buy Buy Buy Neutral Sell INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR 233,154 887,758 152,315 128,487 124,280 299,142 45,379 80,951 25,584 6,720 22,566 535,038 288,712 64,392 62,296 16,409 378,323 60,680 58,535 27,608 44,242 363,807 51,307 112,205 336,872 313,472 594,565 363,619 112,855 259,576 54,929 34,060 195,839 2,383,735 154,678 177,183 92,164 5,197,400 335,263 638,253 128,403 121,076 823,042 97,815 29,677 100,374 1,538,708 303,376 332,877 3,519 13,398 2,299 1,939 1,876 4,515 685 1,222 386 101 341 8,075 4,357 972 940 248 5,710 916 883 417 668 5,490 774 1,693 5,084 4,731 8,973 5,488 1,703 3,917 829 514 2,956 35,975 2,334 2,674 1,391 78,438 5,060 9,632 1,938 1,827 12,421 1,476 448 1,515 23,222 4,578 5,024 3,739 14,235 2,442 2,060 1,993 4,797 728 1,298 410 108 362 8,579 4,629 1,033 999 263 6,066 973 939 443 709 5,834 823 1,799 5,402 5,027 9,534 5,831 1,810 4,162 881 546 3,140 38,223 2,480 2,841 1,478 83,340 5,376 10,234 2,059 1,941 13,197 1,568 476 1,609 24,673 4,865 5,338 Neutral Neutral Buy EUR EUR EUR 6,741 4,150 20,633 6,741 4,150 20,633 7,163 4,410 21,922 BESI Global Coverage Company Ticker Sector Netherlands Heineken KPN Mota-Engil Africa Philips HEIA NA KPN NA MEAFR NA PHIA NA Food, Beverage and HPC Stephanie Barsdorf Telecom Services Andrew Hogley Construction & Building MaterNuno Estácio Capital Goods Nick Wilson stephanie.barsdorf@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk nestacio@espiritosantoib.pt nick.wilson@espiritosantoib.co.uk Norway Telenor TEL NO Telecom Services andrew.hogley@espiritosantoib.co.uk Poland Agora Alior Bank Alumetal Asseco Poland Bank Handlowy Bank Millennium Bank Pekao Budimex BZ WBK Capital Park CCC Cyfrowy Polsat Dom Development Echo Investment Elektrobudowa Emperia ENEA Energa Eurocash Famur Getin Holding Getin Noble Bank Global City Globe Trade Centre Grupa Azoty Grupa Azoty Police Grupa Azoty Pulawy Grupa Lotos ING BSK JSW KGHM Polska Miedz Kredyt Inkaso KRUK LC Corp LPP LW Bogdanka Magellan mBank Netia Open Finance Orange Polska PGE PGNiG AGO PW ALR PW AML PW ACP PW BHW PW MIL PW PEO PW BDX PW BZW PW CPG PW CCC PW CPS PW DOM PW ECH PW ELB PW EMP PW ENA PW ENG PW EUR PW FMF PW GTN PW GNB PW GCH PW GTC PW ATT PW PCE PW ZAP PW LTS PW ING PW JSW PW KGH PW KRI PW KRU PW LCC PW LPP PW LWB PW MAG PW MBK PW NET PW OPF PW OPL PW PGE PW PGN PW Media Konrad Ksiezopolski Banks Kamil Stolarski, CFA Basic Resources Konrad Strzeszewski Technology Konrad Ksiezopolski Banks Kamil Stolarski, CFA Banks Kamil Stolarski, CFA Banks Kamil Stolarski, CFA Construction & Building MaterKonrad Strzeszewski Banks Kamil Stolarski, CFA Financial Services Cezary Bernatek Retail Maria Mickiewicz Media Konrad Ksiezopolski Real Estate Cezary Bernatek Financial Services Cezary Bernatek Construction & Building MaterKonrad Strzeszewski Retail Maria Mickiewicz Utilities Maria Mickiewicz Utilities Maria Mickiewicz Retail Maria Mickiewicz Capital Goods Wojciech Kozlowski Technology Lukasz Janczak Banks Kamil Stolarski, CFA Media Konrad Ksiezopolski Real Estate Cezary Bernatek Basic Resources Wojciech Kozlowski Basic Resources Wojciech Kozlowski Basic Resources Wojciech Kozlowski Oil & Gas Wojciech Kozlowski Banks Kamil Stolarski, CFA Basic Resources Konrad Ksiezopolski Basic Resources Nick Mellor Financial Services Lukasz Janczak Financial Services Lukasz Janczak Real Estate Cezary Bernatek Retail Maria Mickiewicz Basic Resources Konrad Ksiezopolski Financial Services Lukasz Janczak Banks Kamil Stolarski, CFA Telecom Services Konrad Ksiezopolski Financial Services Lukasz Janczak Telecom Services Konrad Ksiezopolski Utilities Maria Mickiewicz Oil & Gas Lukasz Janczak Source: Bloomberg, BESI Research Analyst Andrew Hogley Email as at 15 April 2015 SP kksiezopolski@espiritosantoib.pl kstolarski@espiritosantoib.pl kstrzeszewski@espiritosantoib.pl kksiezopolski@espiritosantoib.pl kstolarski@espiritosantoib.pl kstolarski@espiritosantoib.pl kstolarski@espiritosantoib.pl kstrzeszewski@espiritosantoib.pl kstolarski@espiritosantoib.pl cbernatek@espiritosantoib.pl mmickiewicz@espiritosantoib.pl kksiezopolski@espiritosantoib.pl cbernatek@espiritosantoib.pl cbernatek@espiritosantoib.pl kstrzeszewski@espiritosantoib.pl mmickiewicz@espiritosantoib.pl mmickiewicz@espiritosantoib.pl mmickiewicz@espiritosantoib.pl mmickiewicz@espiritosantoib.pl wkozlowski@espiritosantoib.pl ljanczak@espiritosantoib.pl kstolarski@espiritosantoib.pl kksiezopolski@espiritosantoib.pl cbernatek@espiritosantoib.pl wkozlowski@espiritosantoib.pl wkozlowski@espiritosantoib.pl wkozlowski@espiritosantoib.pl wkozlowski@espiritosantoib.pl kstolarski@espiritosantoib.pl kksiezopolski@espiritosantoib.pl nick.mellor@espiritosantoib.co.uk ljanczak@espiritosantoib.pl ljanczak@espiritosantoib.pl cbernatek@espiritosantoib.pl mmickiewicz@espiritosantoib.pl kksiezopolski@espiritosantoib.pl ljanczak@espiritosantoib.pl kstolarski@espiritosantoib.pl kksiezopolski@espiritosantoib.pl ljanczak@espiritosantoib.pl kksiezopolski@espiritosantoib.pl mmickiewicz@espiritosantoib.pl ljanczak@espiritosantoib.pl Page 5 of 9 FV Up/Dn Rating Ccy Market Capitalisation (m) Local EUR USD 74.8 3.4 7.7 26.9 50.1 2.0 11.0 21.0 -33.0% -42.0% 43.0% -22.0% Neutral Sell Neutral Neutral EUR EUR EUR EUR 43,097 14,455 770 25,242 43,097 14,455 770 25,242 45,790 15,358 818 26,820 169.9 150.0 -12.0% Neutral NOK 257,674 30,436 32,338 10.4 10.3 -1.0% 82.8 67.2 -19.0% 58.0 67.5 16.0% 60.4 60.0 -1.0% 110.2 112.0 2.0% 7.1 9.2 30.0% 184.4 200.0 8.0% 165.0 156.3 -5.0% 356.8 370.0 4.0% 4.7 6.9 48.0% 182.3 140.0 -23.0% 24.5 29.1 19.0% 48.0 47.1 -2.0% 6.8 7.0 3.0% 110.0 102.9 -6.0% 61.3 55.0 -10.0% 16.4 18.3 12.0% 26.1 28.6 10.0% 37.0 35.1 -5.0% 2.9 6.6 128.0% 2.1 2.5 15.0% 1.7 2.0 16.0% 40.0 33.4 -16.0% 5.8 5.0 -14.0% 87.6 85.6 -2.0% 23.8 21.1 -11.0% 150.3 156.0 4.0% 30.7 54.1 76.0% 146.5 163.0 11.0% 16.6 27.2 64.0% 117.3 156.7 34.0% 24.6 27.7 13.0% 145.8 112.3 -23.0% 2.0 2.1 6,788.0 7,520.0 11.0% 83.8 133.0 59.0% 65.5 82.8 26.0% 451.7 510.0 13.0% 5.8 5.6 -4.0% 5.7 3.9 -32.0% 10.1 8.0 -21.0% 20.6 20.8 1.0% 5.9 4.9 -17.0% Buy Sell Buy Buy Neutral Buy Neutral Buy Neutral Buy Neutral Buy Neutral Neutral Buy Neutral Buy Buy Sell Buy Sell Sell Neutral Neutral Buy Sell Neutral Buy Buy Sell Buy Buy Buy Buy Sell Buy Buy Neutral Neutral Sell Sell Neutral Neutral PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN 531 5,261 874 5,009 14,392 8,613 48,386 4,212 33,377 487 7,000 8,517 1,187 2,852 522 927 7,218 10,812 5,119 1,382 1,558 4,585 2,045 1,836 8,690 1,785 2,873 5,676 19,060 1,947 23,460 318 2,473 913 12,430 2,850 440 19,064 2,256 310 13,255 38,442 34,751 132 1,310 218 1,247 3,583 2,144 12,045 1,049 8,309 121 1,743 2,120 296 710 130 231 1,797 2,692 1,274 344 388 1,141 509 457 2,163 444 715 1,413 4,745 485 5,840 79 616 227 3,094 709 110 4,746 562 77 3,300 9,570 8,651 141 1,392 231 1,325 3,807 2,278 12,798 1,114 8,828 129 1,852 2,253 314 754 138 245 1,909 2,860 1,354 366 412 1,213 541 486 2,298 472 760 1,501 5,041 515 6,205 84 654 241 3,288 754 116 5,042 597 82 3,506 10,168 9,192 BESI Global Coverage Company Ticker Sector PKN PW PKO PW PKP PW PCM PW PZU PW ROB PW RON PW SKH PW SGN PW SNS PW TPE PW TRK PW TVN PW GPW PW Portugal Altri BCP BPI CTT EDP Galp Energia Ibersol Jerónimo Martins Mota-Engil NOS Portucel REN Semapa Sonae Sonae Indústria Sonaecom Spain Abengoa (B) Abertis Acciona Acerinox ACS Amadeus Applus Services Atresmedia Banco Popular Banco Sabadell Bankia Bankinter BBVA BME CaixaBank Cie Automotive Deoleo DIA Ebro Foods EDP Renovaveis PKN Orlen PKO BP PKP Cargo Prime Car Management PZU Robyg Ronson Skarbiec Holding Sygnity Synthos Tauron Trakcja TVN Warsaw Stock Exchange Email SP FV Up/Dn Oil & Gas Wojciech Kozlowski Banks Kamil Stolarski, CFA Transport & Logistics Cezary Bernatek Capital Goods Lukasz Janczak Insurance Kamil Stolarski, CFA Real Estate Cezary Bernatek Real Estate Cezary Bernatek Financial Services Lukasz Janczak Technology Konrad Ksiezopolski Basic Resources Wojciech Kozlowski Utilities Maria Mickiewicz Construction & Building MaterKonrad Strzeszewski Media Konrad Ksiezopolski Financial Services Lukasz Janczak wkozlowski@espiritosantoib.pl kstolarski@espiritosantoib.pl cbernatek@espiritosantoib.pl ljanczak@espiritosantoib.pl kstolarski@espiritosantoib.pl cbernatek@espiritosantoib.pl cbernatek@espiritosantoib.pl ljanczak@espiritosantoib.pl kksiezopolski@espiritosantoib.pl wkozlowski@espiritosantoib.pl mmickiewicz@espiritosantoib.pl kstrzeszewski@espiritosantoib.pl kksiezopolski@espiritosantoib.pl ljanczak@espiritosantoib.pl 63.8 34.1 86.9 45.0 495.0 2.4 1.4 47.0 13.8 4.8 4.6 10.1 16.9 49.3 45.7 38.0 98.9 62.0 500.0 2.9 1.8 53.0 23.8 6.0 5.0 8.0 17.9 56.4 -28.0% 11.0% 14.0% 38.0% 1.0% 21.0% 22.0% 13.0% 72.0% 24.0% 9.0% -20.0% 6.0% 14.0% ALTR PL BCP PL BPI PL CTT PL EDP PL GALP PL IBS PL JMT PL EGL PL NOS PL PTI PL RENE PL SEM PL SON PL SONI PL SNC PL Basic Resources Nuno Estácio Banks Juan Carlos Calvo Banks Juan Carlos Calvo Support Services Nuno Estácio Utilities Felipe Echevarria, CFA Oil & Gas Filipe Rosa Travel & Leisure Nuno Estácio Retail Filipe Rosa Construction & Building MaterNuno Estácio Telecom Services Nuno Matias Basic Resources Nuno Estácio Utilities Felipe Echevarria, CFA Basic Resources Nuno Estácio Retail Filipe Rosa Construction & Building MaterNuno Estácio Telecom Services Miguel Borrega nestacio@espiritosantoib.pt jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es nestacio@espiritosantoib.pt fechevarria@espiritosantoib.es frosa@espiritosantoib.pt nestacio@espiritosantoib.pt frosa@espiritosantoib.pt nestacio@espiritosantoib.pt nmatias@espiritosantoib.pt nestacio@espiritosantoib.pt fechevarria@espiritosantoib.es nestacio@espiritosantoib.pt frosa@espiritosantoib.pt nestacio@espiritosantoib.pt mborrega@espiritosantoib.pt 4.3 0.1 1.4 10.4 3.7 12.2 8.7 12.1 3.4 6.8 4.7 2.8 13.6 1.4 0.0 2.2 3.5 0.1 1.0 10.5 3.6 12.4 12.7 10.0 4.0 7.1 4.4 2.8 18.0 1.7 -19.0% 14.0% -31.0% 1.0% -2.0% 2.0% 46.0% -18.0% 18.0% 4.0% -6.0% -3.0% 32.0% 15.0% ABG/P SM ABE SM ANA SM ACX SM ACS SM AMS SM APPS SM A3M SM POP SM SAB SM BKIA SM BKT SM BBVA SM BME SM CABK SM CIE SM OLE SM DIA SM EBRO SM EDPR PL Construction & Building MaterNuno Estácio Construction & Building MaterJuan Carlos Calvo Utilities Felipe Echevarria, CFA Basic Resources Jaime Escribano Construction & Building MaterJuan Carlos Calvo Technology Nuno Estácio Support Services Jaime Escribano Media Nuno Estácio Banks Juan Carlos Calvo Banks Juan Carlos Calvo Banks Juan Carlos Calvo Banks Juan Carlos Calvo Banks Juan Carlos Calvo Financial Services Juan Carlos Calvo Banks Juan Carlos Calvo Capital Goods Jaime Escribano Food, Beverage and HPC Nuno Estácio Retail Filipe Rosa Food, Beverage and HPC Nuno Estácio Utilities Felipe Echevarria, CFA nestacio@espiritosantoib.pt jccalvo@espiritosantoib.es fechevarria@espiritosantoib.es jescribano@espiritosantoib.es jccalvo@espiritosantoib.es nestacio@espiritosantoib.pt jescribano@espiritosantoib.es nestacio@espiritosantoib.pt jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jccalvo@espiritosantoib.es jescribano@espiritosantoib.es nestacio@espiritosantoib.pt frosa@espiritosantoib.pt nestacio@espiritosantoib.pt fechevarria@espiritosantoib.es 3.3 17.1 73.7 15.4 33.0 41.3 11.0 15.3 4.7 2.3 1.3 7.1 9.6 42.9 4.3 13.8 0.4 7.6 18.3 6.5 4.5 14.8 71.0 17.8 34.2 34.0 10.5 13.9 3.5 2.0 1.2 5.7 10.0 38.3 5.0 14.8 0.4 5.8 20.2 6.8 Source: Bloomberg, BESI Research Analyst as at 15 April 2015 Page 6 of 9 2.4 Rating Ccy Market Capitalisation (m) Local EUR USD Neutral Neutral Buy Buy Neutral Buy Neutral Buy Buy Buy Neutral Neutral Buy Buy PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN 27,266 42,663 3,891 536 42,744 634 392 321 164 6,338 8,062 517 5,831 2,070 6,788 10,620 969 133 10,641 158 98 80 41 1,578 2,007 129 1,452 515 7,212 11,284 1,029 142 11,306 168 104 85 43 1,676 2,132 137 1,542 548 Buy Buy Neutral Buy Neutral Buy Buy Neutral Neutral Buy Buy Buy Buy Buy Under review 10.0% Buy EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 882 1,732 2,007 1,562 13,496 10,109 174 7,630 694 3,506 3,580 1,519 1,614 2,882 1 788 882 1,732 2,007 1,562 13,496 10,109 174 7,630 694 3,506 3,580 1,519 1,614 2,882 1 788 937 1,841 2,133 1,660 14,340 10,740 185 8,107 737 3,725 3,803 1,614 1,715 3,062 1 837 EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 1,810 14,604 4,222 3,950 10,381 18,496 1,428 3,445 7,973 9,392 14,708 6,188 54,707 3,585 20,774 1,781 497 4,938 2,812 5,671 1,810 14,604 4,222 3,950 10,381 18,496 1,428 3,445 7,973 9,392 14,708 6,188 54,707 3,585 20,774 1,781 497 4,938 2,812 5,671 1,923 15,517 4,486 4,197 11,030 19,652 1,517 3,660 8,472 9,979 15,627 6,574 58,127 3,809 22,072 1,893 528 5,247 2,988 6,025 36.0% -13.0% -4.0% 16.0% 4.0% -18.0% -4.0% -9.0% -25.0% -15.0% -6.0% -19.0% 5.0% -11.0% 16.0% 7.0% -5.0% -24.0% 11.0% 5.0% Buy Sell Neutral Buy Neutral Neutral Neutral Buy Sell Sell Neutral Sell Buy Neutral Buy Buy Neutral Neutral Buy Buy BESI Global Coverage Company Ticker Sector Enagas Ence Endesa FCC Ferrovial Gas Natural Grifols Iberdrola Inditex Indra Jazztel Liberbank Mediaset España OHL Prosegur Red Eléctrica Repsol Sacyr Santander Tecnicas Reunidas Telefónica Vidrala Viscofan ENG SM ENC SM ELE SM FCC SM FER SM GAS SM GRF SM IBE SM ITX SM IDR SM JAZ SM LBK SM TL5 SM OHL SM PSG SM REE SM REP SM SCYR SM SAN SM TRE SM TEF SM VID SM VIS SM Utilities Felipe Echevarria, CFA fechevarria@espiritosantoib.es Basic Resources Nuno Estácio nestacio@espiritosantoib.pt Utilities Felipe Echevarria, CFA fechevarria@espiritosantoib.es Construction & Building MaterMiguel Borrega mborrega@espiritosantoib.pt Construction & Building MaterJuan Carlos Calvo jccalvo@espiritosantoib.es Utilities Felipe Echevarria, CFA fechevarria@espiritosantoib.es Pharmaceuticals & HealthcareJaime Escribano jescribano@espiritosantoib.es Utilities Felipe Echevarria, CFA fechevarria@espiritosantoib.es Retail Filipe Rosa frosa@espiritosantoib.pt Technology Nuno Matias nmatias@espiritosantoib.pt Telecom Services Nuno Matias nmatias@espiritosantoib.pt Banks Juan Carlos Calvo jccalvo@espiritosantoib.es Media Nuno Estácio nestacio@espiritosantoib.pt Construction & Building MaterAlmudena González de C agonzalezc@espiritosantoib.es Support Services Nuno Estácio nestacio@espiritosantoib.pt Utilities Felipe Echevarria, CFA fechevarria@espiritosantoib.es Oil & Gas Filipe Rosa frosa@espiritosantoib.pt Construction & Building MaterMiguel Borrega mborrega@espiritosantoib.pt Banks Juan Carlos Calvo jccalvo@espiritosantoib.es Construction & Building MaterNuno Estácio nestacio@espiritosantoib.pt Telecom Services Nuno Matias nmatias@espiritosantoib.pt Construction & Building MaterNuno Estácio nestacio@espiritosantoib.pt Food, Beverage and HPC Nuno Estácio nestacio@espiritosantoib.pt Sweden Alfa Laval Assa Abloy Atlas Copco H&M Lundin Mining (SE) Sandvik SKF Tele2 TeliaSonera ALFA SS ASSAB SS ATCOA SS HMB SS LUMI SS SAND SS SKFB SS TEL2B SS TLSN SS Capital Goods Capital Goods Capital Goods Retail Basic Resources Capital Goods Capital Goods Telecom Services Telecom Services Nick Wilson Nick Wilson Nick Wilson Filipe Rosa Nick Mellor Nick Wilson Nick Wilson Andrew Hogley Andrew Hogley Switzerland ABB Credit Suisse Swisscom UBS ABBN VX CSGN VX SCMN VX UBSN SW Capital Goods Banks Telecom Services Banks Nick Wilson Shailesh Raikundlia Andrew Hogley Shailesh Raikundlia Support Services Insurance Basic Resources Basic Resources Basic Resources Aerospace and Defence Banks Insurance Basic Resources Telecom Services Financial Services Telecom Services Ben Hunt, CFA ben.hunt@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk United Kingdom 4imprint FOUR LN Amlin AML LN Anglo American AAL LN Anglo Platinum AMS SJ Antofagasta ANTO LN BAE Systems BA/ LN Barclays BARC LN Beazley BEZ LN BHP Billiton BLT LN BT BT/A LN Burford Capital Ltd BUR LN Cable & Wireless CommunicatioCWC LN Source: Bloomberg, BESI Research Analyst Email as at 15 April 2015 SP FV Up/Dn Rating Ccy Market Capitalisation (m) Local EUR USD 28.5 3.6 18.9 11.5 20.8 22.3 41.9 6.1 30.6 11.2 12.7 0.8 12.3 20.5 5.5 78.2 18.3 4.1 6.9 41.5 13.5 45.6 59.7 21.0 3.0 16.0 11.2 17.1 19.0 32.9 6.2 29.6 9.6 13.0 0.8 11.8 21.0 5.0 65.1 23.0 4.6 6.5 39.0 12.1 37.0 57.0 -26.0% -17.0% -15.0% -2.0% -18.0% -15.0% -22.0% 1.0% -3.0% -14.0% 2.0% 6.0% -4.0% 2.0% -9.0% -17.0% 26.0% 11.0% -5.0% -6.0% -11.0% -19.0% -4.0% Sell Buy Buy Neutral Neutral Sell Sell Buy Neutral Neutral Neutral Buy Buy Neutral Neutral Neutral Buy Buy Neutral Neutral Neutral Sell Buy EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 6,794 905 19,979 1,460 15,286 22,310 13,155 38,363 95,401 1,837 3,182 1,087 4,996 2,045 3,388 10,574 23,822 1,928 75,992 2,319 61,553 1,092 2,781 6,794 905 19,979 1,460 15,286 22,310 13,155 38,363 95,401 1,837 3,182 1,087 4,996 2,045 3,388 10,574 23,822 1,928 75,992 2,319 61,553 1,092 2,781 7,219 961 21,227 1,551 16,242 23,705 13,977 40,761 101,363 1,951 3,381 1,155 5,309 2,173 3,600 11,235 25,311 2,048 80,742 2,463 65,400 1,160 2,955 nick.wilson@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk frosa@espiritosantoib.pt nick.mellor@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk nick.wilson@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk 172.7 545.5 292.8 352.9 35.5 98.4 230.7 106.9 50.9 175.0 565.0 229.0 335.0 20.6 65.0 150.0 85.0 38.0 1.0% 4.0% -22.0% -5.0% -42.0% -34.0% -35.0% -20.0% -25.0% Buy Buy Sell Neutral Sell Sell Sell Sell Sell SEK SEK SEK SEK SEK SEK SEK SEK SEK 72,440 202,303 348,831 584,075 20,747 123,432 105,014 47,843 220,185 7,765 21,686 37,394 62,611 2,224 13,232 11,257 5,129 23,603 8,251 23,042 39,731 66,524 2,363 14,058 11,961 5,449 25,078 nick.wilson@espiritosantoib.co.uk shailesh.raikundlia@espiritosantoib.co.uk andrew.hogley@espiritosantoib.co.uk shailesh.raikundlia@espiritosantoib.co.uk 21.2 27.0 550.5 19.0 18.9 25.7 405.0 23.4 -11.0% -5.0% -26.0% 23.0% Neutral Neutral Sell Buy CHF CHF CHF CHF 49,003 42,616 28,517 73,047 47,343 41,172 27,551 70,572 50,302 43,746 29,273 74,982 1,073.0 850.0 520.5 483.3 1,039.5 1,438.4 27,874.0 15,258.0 743.0 830.0 529.0 615.0 262.2 325.0 295.3 282.7 1,459.5 2,003.2 456.0 525.0 145.3 149.3 66.1 50.0 -21.0% -7.0% 38.0% -45.0% 12.0% 16.0% 24.0% -4.0% 37.0% 15.0% 3.0% -24.0% Buy Neutral Neutral Sell Neutral Buy Buy Neutral Buy Buy Buy Neutral GBp GBp GBp ZAR GBp GBp GBp GBp GBp GBp GBp GBp 287 2,604 14,492 75,171 7,325 17,064 42,194 1,538 77,700 36,072 297 1,670 399 3,614 20,117 5,886 10,168 23,688 58,572 2,136 107,859 50,073 412 2,318 424 3,840 21,374 6,254 10,804 25,168 62,233 2,269 114,600 53,203 438 2,463 Page 7 of 9 BESI Global Coverage Company Catlin Chemring Cobham Debenhams Diageo Fenner First Quantum GKN Hiscox Home Retail Group Howden Joinery Group HSBC IMI Just Retirement Kcom Group Kingfisher Kumba Iron Ore Lancashire Liberty Global A Lloyds Banking Group Marks & Spencer Meggitt Morrisons NAHL Group Next Novae QinetiQ Rio Tinto Rolls-Royce Rotork Royal Bank of Scotland SAB Miller Sainsbury Senior Sky Smiths Group Sports Direct Standard Chartered SVG Capital TalkTalk Group Ted Baker Tesco Ultra Electronics Vedanta Resources Vodafone Weir Group WH Smith Ticker Sector Analyst CGL LN CHG LN COB LN DEB LN DGE LN FENR LN FQM LN GKN LN HSX LN HOME LN HWDN LN HSBA LN IMI LN JRG LN KCOM LN KGF LN KIO SJ LRE LN LBTYA US LLOY LN MKS LN MGGT LN MRW LN NAH LN NXT LN NVA LN QQ/ LN RIO LN RR/ LN ROR LN RBS LN SAB LN SBRY LN SNR LN SKY LN SMIN LN SPD LN STAN LN SVI LN TALK LN TED LN TSCO LN ULE LN VED LN VOD LN WEIR LN SMWH LN Insurance Aerospace and Defence Aerospace and Defence Retail Food, Beverage and HPC Capital Goods Basic Resources Capital Goods Insurance Retail Retail Banks Capital Goods Financial Services Telecom Services Retail Basic Resources Insurance Telecom Services Banks Retail Aerospace and Defence Retail Support Services Retail Insurance Aerospace and Defence Basic Resources Aerospace and Defence Capital Goods Banks Food, Beverage and HPC Retail Capital Goods Telecom Services Capital Goods Retail Banks Financial Services Telecom Services Retail Retail Aerospace and Defence Basic Resources Telecom Services Capital Goods Retail Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Stephanie Barsdorf stephanie.barsdorf@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Rickin Thakrar rickin.thakrar@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Nick Mellor nick.mellor@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Stephanie Barsdorf stephanie.barsdorf@espiritosantoib.co.uk Rickin Thakrar rickin.thakrar@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Shailesh Raikundlia shailesh.raikundlia@espiritosantoib.co.uk Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk Andrew Hogley andrew.hogley@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Rickin Thakrar rickin.thakrar@espiritosantoib.co.uk Edward Stacey, CFA edward.stacey@espiritosantoib.co.uk Anshuman Atri anshuman.atri@espiritosantoib.co.in Andrew Hogley andrew.hogley@espiritosantoib.co.uk Nick Wilson nick.wilson@espiritosantoib.co.uk Tony Shiret tony.shiret@espiritosantoib.co.uk Source: Bloomberg, BESI Research Email Page 8 of 9 as at 15 April 2015 SP FV 716.0 223.5 305.3 78.8 1,934.0 220.0 858.0 356.6 851.0 171.7 469.8 616.3 1,273.0 174.2 93.0 362.4 13,005.0 660.5 51.6 79.9 568.0 568.0 199.0 297.5 7,110.0 750.0 198.0 2,892.5 973.5 2,649.0 353.7 3,610.5 275.0 358.5 1,050.0 1,124.0 645.5 1,083.5 515.0 354.4 2,817.0 244.2 1,707.0 558.0 229.4 1,880.0 1,400.0 609.6 225.0 290.0 110.0 2,070.0 208.0 1,560.0 365.0 673.3 185.0 240.0 770.0 1,295.0 237.3 105.0 270.0 22,125.0 780.0 53.5 72.0 550.0 520.0 230.0 343.4 5,500.0 572.5 250.0 4,010.0 1,110.0 2,550.0 385.0 3,310.0 235.0 390.0 980.0 1,044.0 850.0 1,150.0 588.0 410.0 2,000.0 265.0 2,100.0 825.0 180.0 2,125.0 1,550.0 Up/Dn -15.0% 1.0% -5.0% 40.0% 7.0% -5.0% 82.0% 2.0% -21.0% 8.0% -49.0% 25.0% 2.0% 36.0% 13.0% -25.0% 70.0% 18.0% 4.0% -10.0% -3.0% -8.0% 16.0% 15.0% -23.0% -24.0% 26.0% 39.0% 14.0% -4.0% 9.0% -8.0% -15.0% 9.0% -7.0% -7.0% 32.0% 6.0% 14.0% 16.0% -29.0% 9.0% 23.0% 48.0% -22.0% 13.0% 11.0% Rating Buy Neutral Sell Buy Buy Neutral Buy Neutral Neutral Neutral Buy Buy Neutral Buy Buy Sell Sell Buy Buy Sell Buy Neutral Sell Buy Sell Neutral Buy Buy Buy Neutral Neutral Neutral Neutral Buy Neutral Sell Buy Buy Buy Buy Buy Neutral Buy Buy Sell Buy Buy Ccy Market Capitalisation (m) Local EUR USD GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp ZAR GBp USD GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp GBp 2,591 432 3,293 969 48,541 426 5,069 5,848 3,012 1,397 3,020 115,536 4,014 872 480 8,599 41,888 1,201 19,679 56,269 9,179 4,491 4,645 122 11,079 483 1,308 53,464 18,305 2,300 39,840 57,917 5,229 1,491 18,050 4,430 3,863 26,267 1,243 3,299 1,206 19,739 1,190 1,487 111,146 4,007 1,643 3,597 600 4,571 1,345 67,381 592 7,037 8,117 4,182 1,939 4,192 160,380 5,572 1,211 667 11,937 3,280 1,667 18,521 78,109 12,742 6,234 6,448 170 15,379 671 1,815 74,215 25,409 3,192 55,303 80,396 7,258 2,070 25,055 6,150 5,363 36,462 1,725 4,580 1,674 27,400 1,652 2,064 154,286 5,563 2,281 3,822 637 4,857 1,429 71,593 629 7,477 8,625 4,443 2,060 4,454 170,403 5,921 1,287 709 12,683 3,485 1,771 19,679 82,991 13,538 6,624 6,851 181 16,340 713 1,929 78,854 26,997 3,392 58,760 85,421 7,712 2,199 26,621 6,534 5,698 38,741 1,833 4,866 1,779 29,113 1,755 2,193 163,929 5,910 2,424 BESI Global Coverage Company Ticker Source: Bloomberg, BESI Research Sector Analyst Email as at 15 April 2015 SP Page 9 of 9 FV Up/Dn Rating Ccy Market Capitalisation (m) Local EUR USD